Imagination Technologies, the UK company that has long been supplying its PowerVR to GPUs to Apple, has put itself up for sale.
The company’s share fell by over 70 percent earlier this year after it was revealed that Apple will be designing its own GPUs and completely ditch PowerVR GPUs from iOS devices within the next couple of years.
The company had already announced that it selling its MIPS and Ensigma groups for sale, but since then, it has received interest from multiple parties to acquire the whole group. For now, the company is still in early talks about the acquisition and did not reveal any details on the interested parties and the offer it has received so far.
Imagination Technologies Group announces that over the last few weeks it has received interest from a number of parties for a potential acquisition of the whole Group. The Board of Imagination has therefore decided to initiate a formal sale process for the Group and is engaged in preliminary discussions with potential bidders.
Apple was reportedly in talks to acquire Imagination Technologies last year but the talks between the two companies apparently fell through. Apple has since then decided to design its own GPUs which has led Imagination Technologies share prices to fall at an alarming rate. The GPU maker is also currently involved in a legal ‘Dispute resolution’ battle against Apple over its current license and royalty agreement.[Via Imagination Technologies]